SNOW·Application/Infrastructure Software — Cloud Data Platform / Data Warehousing

Snowflake

ConvictionModerate

Consumption-based (usage credits) SaaS; product revenue ~96% of total; multi-cloud, land-and-expand with high net revenue retention.

Revenue

$1.39B total / $1.33B productQ1 FY27, qtr ended Apr 30 2026); $4.47B product FY2026; ~$5.0B TTM total

Rev growth

+34% YoY productQ1 FY27), accelerating from +30% prior qtr; +29% product FY2026

Gross margin

~75% non-GAAP product gross margin~71% GAAP (Q1 FY27

Op margin

+11.9% non-GAAP / -23.4% GAAPQ1 FY27); FY27 non-GAAP op-margin guide raised to 13.5%

Capex intensity

Asset-light — runs on third-party hyperscaler inframinimal owned capex (COGS is largely cloud compute/storage purchases, not capex

Market cap

~$79-83BJun 26 2026, at ~$238/sh; ~345M shares

Price · 1-year trend

real · weekly

$239+8% 1yUSD

52-week range

$118 – $285

52w lowas of 2026-06-26 · Yahoo Finance52w high

Across the boards

The thesis on this name

subject

AI Compute Value-Chain

Full context

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Snowflake

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence